Self-driving truck startup Plus has split its Chinese and U.S. operations and struck a deal in which a key shareholder, China's Full Truck Alliance (FTA) (YMM.N), will focus on the China unit, Plus said on Wednesday.
SHANGHAI, Oct 11 - Self-driving truck startup Plus has split its Chinese and U.S. operations and struck a deal in which a key shareholder, China's Full Truck Alliance The company told Reuters it had completed the split. Three sources familiar with the matter had said that FTA, known as China's "Uber for trucks", and Plus were looking to insulate themselves from rising U.S.-China tensions and tightening regulatory oversight from Beijing.
The Chinese unit, Zhijia Technology, will focus on China and develop a self-driving truck fleet for the Chinese market with FTA, while the U.S. entity - which will retain the name Plus - will expand in the rest of the world, the company said. Formed in 2017 in the merger of digital freight platforms Yunmanman and Huochebang, FTA runs a mobile app that connects truck drivers with people who need to ship items within China. The stake in Zhijia Technology will help the company's work to develop autonomous trucking fleets - a potentially lucrative market amid a truck driver shortage in China.
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